ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Friday, March 28, 1997 TAG: 9703280074
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
Tandy cuts CEO's pay by 43%
FORT WORTH, TEXAS - Tandy Corp. cut Chairman and Chief Executive John Roach's pay 43 percent to $885,900 in 1996, as the retailer's earnings fell because of its struggling Incredible Universe and Computer City chains.
Roach's compensation fell, as he received no bonus and no restricted stock, compared to 1995, when he was awarded a bonus of $183,339 and restricted stock worth $498,000.
The smaller pay package reflects Tandy's performance during a year that was rough for all electronics retailers, though particularly so for Tandy.
Earnings declined in all four quarters for the first time since 1992, with the company posting a $138 million loss in the fourth quarter. In December, the company said it would close it 17-store Incredible Universe chain and 19 Computer City stores and take a $170 million charge. It is now focusing on its Radio Shack chain.
-BLOOMBERG NEWS
Ellison confirms interest in Apple
ATHERTON, CALIF. - In a front page story in Thursday's San Jose Mercury News, Lawrence Ellison confirmed his personal interest in acquiring Apple Computer. The move, led by Ellison and an undisclosed investor group, is independent of Oracle Corp., of which Ellison is chairman and CEO, and Oracle's subsidiary Network Computer, Inc.
In his remarks to the newspaper, Ellison welcomed feedback from Apple employees, customers and shareholders, and members of the computer industry at large.
To collect reactions to this prospective acquisition, an electronic mailbox has been established: savappleus.oracle.com
-WIRE REPORT
LENGTH: Short : 41 linesby CNB